Heat Exchangers Market was valued at US$ 15.44 Bn. in 2021 and the total Heat Exchangers revenue is expected to grow at 5.2% from 2022 to 2029, reaching nearly US$ 23.16 Bn.
Heat Exchangers Market Overview:End markets served by heat exchanger manufacturers are diverse. In large-scale industrial production operations, industrial heat exchangers are generally used to prevent overheating and recycle energy. In manufacturing, both tube and plate heat exchangers are deployed since every organisation may require a wide range of capabilities to meet temperature, density, viscosity, pressure, and chemical composition criteria. The industrial manufacturing sector is likely the most significant since it includes not only a big end-market but also heat exchanger production itself. Heat exchangers in chemical plants provide four basic functions: freezing hot liquids, heating and drying, burning cold liquid, and cooling and condensing. They are also utilized in the recycling of heat energy from hot exhaust gases. Chemical plants typically utilise both shell-and-tube and plate-and-frame heat exchangers, as each has distinct advantages: shell-and-tube heat exchangers are extremely effective for containing noxious gases, whereas plate-and-frame heat exchangers are especially helpful for liquid-to-liquid applications in which the liquids cannot come into contact with each other. Heat exchangers are used to recover heat energy in automobile manufacturing operations. Also, heat exchangers are at the heart of the entire vehicle temperature control, oil cooling, and intercooler (for turbocharged vehicles). Finned-tube heat exchangers are the most common form of heat exchanger utilised in these applications.
Heat Exchangers Market Report Scope:The Heat Exchangers market is segmented based on Material, Product, End-Use and Region. The growth of various segments helps report users in acquiring knowledge of the many growth factors expected to be prevalent throughout the market and develop different strategies to help identify core application areas and the gap in the target market. The report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. A bottom-up approach has been used to estimate the market size. Key Players in the Heat Exchangers market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Heat Exchangers market include Alfa Laval, Danfoss and Kelvion Holding GmbH. The report is not only representation of global and large players however; it has covered the market holding of local players in each country. Market structure in presented in each coutrny with market holding by market leaders, market followers and local players make this report most comprehensive and insightful. The report has covered the mergers and acquisitions, strategic alliances, joint ventures and partnerships happening in the market by region, by investment and their strategic intent. To know about the Research Methodology:- Request Free Sample Report
Heat Exchangers Market Dynamics:Supply chain disruption scenario within the industry: Heat exchanger producers confront a slew of severe supply chain difficulties, including rising demand volatility, strong global rivalry, increased environmental compliance laws, rising human- and natural- hazards, and inventory proliferation. The COVID-19 outbreak has generated new obstacles, driving firms to reinvent their supply chain at a never-before-seen rate. Travel restrictions, social isolation on high-touch production lines, and lockdowns have all added substantial complexity to today's operations. If heat exchanger manufacturers do not respond swiftly, supply chain disruptions may result in poorer financial returns and quality difficulties that harm brand reputation. Due to economic concerns, some major industrial corporations have closed sites and are considering layoffs. Heat Exchanger Market Value Chain Analysis: The heat exchangers market value chain includes raw material suppliers, material suppliers, manufacturers, distributors, and end-use industries. Also, a multitude of government and non-governmental organisations and regulators, such as the Tubular Exchanger Manufacturers Association, Inc., substantially contribute to the market's value chain by assuring product quality and equipment reliability. Heat exchangers provide both cooling and heating services, but are often utilised for cooling, particularly at industrial facilities such as processing plants or refineries. Steel, nickel and nickel alloys, titanium, graphite, aluminium, Hastelloy, copper-nickel, admiralty, and Inconel are the most often used raw materials for heat exchanger components. Steel and aluminium are commonly utilised in the production of shells due to qualities such as corrosion resistance, high tensile strength, and competitive prices. Additionally, the use of unusual metals and alloys for fabrication, such as titanium, nickel, Hastelloy, and tantalum, is growing. This progress can be due to increased demand in the petrochemical, pharmaceutical, and power generation industries for upgraded contemporary equipment with excellent heat transfer efficiency and corrosion resistance. The aforementioned metals are mostly obtained by industry players from local sources. Heat exchanger fouling, according to Mirage Machines Limited, is a severe concern for the world economy, costing 0.25% of the GNP of industrialised countries owing to increased fuel use, overdesign, and output loss. A huge number of foul removal procedures need mechanical repair, which necessitates taking equipment down and dismantling in order to clean, raising the expense of aftermarket services. Raw Material Scenario in Heat Exchanger Industry: Aluminium is a fundamental material utilised in the production of heat exchanger components. Aluminium is one of the most abundant minerals on the planet. It is generated mostly from bauxite ore and is utilised in a variety of industries including automotive, packaging, and building and construction. China, Russia, Canada, India, the UAE, and Australia were among the top aluminium-producing nations in 2018, while the United States, Germany, the Netherlands, Japan, and South Korea were the top aluminium importers. Aluminium Corporation of China Limited, Alcoa Corporation, and China Hongqiao Group Limited are the major global suppliers of aluminium. Nickel is another essential raw element utilised in the production of heat exchangers. Global resources are presently estimated to be over 295 million tonnes, according to the Nickel Institute. Australia, South Africa, Indonesia, Canada, and Russia account for more than half of the world's nickel resources. Heat Exchanger Standards and Compliances:
Regulatory Body/Agency Relevance ISO 1129:1980 Steel tubes for heat exchanger ISO 6758:1980 Welded steel tubes for heat exchangers ISO 6759:1980 Welded steel tubes for heat exchangers ISO 6759:1980 Petroleum, petrochemical and natural gas industries -- Hairpin-type heat exchangers ISO 13706:2011 Petroleum, petrochemical and natural gas industries -- Air-cooled heat exchangers ISO 16812:2019 Petroleum, petrochemical and natural gas industries — Shell-and-tube heat exchangers ISO 16812:2019 Criteria for Shell-and-Tube Heat Exchangers According to Part UHX of ASME Section VIII-Division 1
Heat Exchangers Market Segment Analysis:By End-Use, the power generation segment is expected to grow at a CAGR of 6.1% during the forecast period. Significant power markets such as China, the United States, India, Russia, and Japan are rebuilding their operating models to adopt the structure of renewable energy and efficient energy usage by deploying heat exchangers and so changing away from traditional energy use. Over the forecast period, this is likely to boost demand for heat exchangers. Heat exchangers are necessary for the evaporation of working fluids, condensation of working fluids, heat recovery, re-cooling of conditioning circuits, cooling of lube oil, and cooling of motor cooling water in power generating units and plants. A heat exchanger is a low-cost, effective, and efficient heat transmission device. According to the 5th Strategic Energy Plan authorised by the Japanese government in 2018, the number of renewable energy and nuclear power plants has increased significantly to secure the country's energy self-sufficiency. The rising need for power plants is expected to boost the country's heat exchangers market growth. Developing nations such as India, China, and Brazil are likely to see an increase in power consumption as a result of their high levels of development and economic growth, as well as their improved quality of living. Various countries have introduced incentives to encourage inventions and installations that would boost the electricity supply while reducing harmful gas emissions. The advancement of renewable energy technology, along with thorough monitoring of energy usage, has allowed for a rapid increase in the number of power plants. The European Union is building new power plants to ensure efficient energy usage, following the standards established by the European Parliament in 2009. The installation of modern and efficient heat exchangers in power plants is intended to lower total energy usage. Over the forecast period, such government measures are likely to boost the heat exchangers market growth.
Heat Exchangers Market Regional Insights:Rapid industrialization in Asia Pacific's emerging nations, along with increased investments in industrial, commercial, and chemical projects, has helped the region's overall growth in the heat exchangers market. The growing product penetration in several end-use sectors such as power generation, petrochemicals, chemicals, HVAC & refrigeration, and food & beverage has contributed to this growth. Demand for heat exchangers is shifting significantly from developed countries such as Europe and North America to rising economies such as China and India in the Asia Pacific. The success of China's chemical industries may be ascribed to the country's strong government control, increasing environmental laws, significant industrial fragmentation, and the growing significance of speciality chemicals. Asia accounts for more than half of all chemical sales globally. The fast growth of Asia's chemical sector, particularly in China and India, is estimated to be a prominent driver influencing the growth of the heat exchangers market. Likewise, heat exchangers are deployed in the chemical sector for a variety of applications such as solvent condensation, numerous material mixes, benzene heat recovery, and industrial processes. As a result, the chemical sector requires heat exchangers that are resistant to corrosion and can avoid cross-contamination. According to the World Nuclear Association, China's nuclear power generation rose by around 17.5% in 2019. Similarly, according to the BP Statistical Review, natural gas output in China climbed by 9.8% in 2020 to 177.5 billion cubic metres. According to Wood Mackenzie, energy consumption in the Asia Pacific is estimated to grow by 15% from 2019 to 2040, reaching roughly 6,850 million tonnes of oil equivalent. The American Chemical Society estimated that the chemical industry in the United States grew by 2.5% in 2019 and 3% in 2020. According to the American Chemistry Council, during the COVID-19 outbreak, chemical production in the country fell by 9.3% in 2020 but rose by roughly 12.3% by 2021. The growing domestic end-use industries are major contributors boosting the growth of the chemical sector in the United States. Increased chemical demand from a variety of end-use applications is promoting further capital investment in the chemical sector. Heat exchangers are used in the chemical manufacturing process to chill, heat, and combine chemicals. The chemical industry's rapid growth is expected to be a prominent driver influencing the heat exchangers market growth. Chemical is one of China's largest and fastest-growing sectors, with growth rates likely to outpace those of other chemical-producing countries during the forecast period. Because of the vast product penetration in various applications such as solvent condensation, multiple material blends, cooling of water circuits, cooling of hydrocarbons, heating & cooling of primary goods, heating & cooling of reactors, and production processes, the continued growth of the chemical industry in Asia, particularly in China, is expected to act as a significant driving force for the heat exchangers market growth.
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Heat Exchangers Market Report Coverage Details Base Year: 2021 Forecast Period: 2022-2029 Historical Data: 2017 to 2021 Market Size in 2021: US $ 15.44 Bn. Forecast Period 2022 to 2029 CAGR: 5.2% Market Size in 2029: US $ 23.16 Bn. Segments Covered: by Material • Steel • Non-Steel by Product • Plate & Frame Heat Exchanger • Shell & Tube Heat Exchanger • Air-Cooled Heat Exchanger • Others by End-Use • Chemical & Petrochemical • Oil & Gas • HVAC & Refrigeration • Power Generation • Food & Beverage • Pulp & Paper • Others
Heat Exchangers Market, by Region• North America • Europe • Asia Pacific • Middle East and Africa • South America
Heat Exchangers Market Key Players• Alfa Laval • Danfoss • Kelvion Holding GmbH • Güntner Group GmbH • Xylem Inc. • API Heat Transfer • Mersen • Hisaka Works, Ltd. • Chart Industries, Inc. • Johnson Controls International • HRS Heat Exchangers • SPX FLOW, Inc. • Funke Wärmeaustauscher Apparantebau GmbH • Koch Heat Transfer Company • Southern Heat Exchanger Corporation • Denso • Valeo • Clizen • GEA Group FAQs: 1. Which region is expected to dominate the Heat Exchangers Market at the end of the forecast period? Ans. APAC is expected to dominate the heat exchangers market at the end of the forecast period. 2. What is the growth rate of the APAC Heat Exchangers Market? Ans. The Asia Pacific Heat Exchangers Market is expected to grow at a CAGR of 7.3% during the forecast period 3. What is expected to drive the growth of the Heat Exchangers Market in the forecast period? Ans. Rapidly increasing power generation is expected to drive the growth of the Heat Exchangers Market. 4. What is the projected market size & growth rate of the Heat Exchangers Market? Ans. Heat Exchangers Market was valued at US$ 15.44 Bn. in 2021 and the total Heat Exchangers revenue is expected to grow at 5.2% from 2022 to 2029, reaching nearly US$ 23.16 Bn. 5. What segments are covered in the Heat Exchangers Market report? Ans. The segments covered are Material, Product, End-Use and Region.
1. Global Heat Exchangers Market: Research Methodology 2. Global Heat Exchangers Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Heat Exchangers Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Heat Exchangers Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Heat Exchangers Market Segmentation 4.1 Global Heat Exchangers Market, by Material (2021-2029) • Steel • Non-Steel 4.2 Global Heat Exchangers Market, by Product (2021-2029) • Plate & Frame Heat Exchanger • Shell & Tube Heat Exchanger • Air-Cooled Heat Exchanger • Others 4.3 Global Heat Exchangers Market, by End-Use (2021-2029) • Chemical & Petrochemical • Oil & Gas • HVAC & Refrigeration • Power Generation • Food & Beverage • Pulp & Paper • Others 5. North America Heat Exchangers Market(2021-2029) 5.1 North America Heat Exchangers Market, by Material (2021-2029) • Steel • Non-Steel 5.2 North America Heat Exchangers Market, by Product (2021-2029) • Plate & Frame Heat Exchanger • Shell & Tube Heat Exchanger • Air-Cooled Heat Exchanger • Others 5.3 North America Heat Exchangers Market, by End-Use (2021-2029) • Chemical & Petrochemical • Oil & Gas • HVAC & Refrigeration • Power Generation • Food & Beverage • Pulp & Paper • Others 5.4 North America Heat Exchangers Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Heat Exchangers Market (2021-2029) 6.1. European Heat Exchangers Market, by Material (2021-2029) 6.2. European Heat Exchangers Market, by Product (2021-2029) 6.3. European Heat Exchangers Market, by End-Use (2021-2029) 6.4. European Heat Exchangers Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Heat Exchangers Market (2021-2029) 7.1. Asia Pacific Heat Exchangers Market, by Material (2021-2029) 7.2. Asia Pacific Heat Exchangers Market, by Product (2021-2029) 7.3. Asia Pacific Heat Exchangers Market, by End-Use (2021-2029) 7.4. Asia Pacific Heat Exchangers Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Heat Exchangers Market (2021-2029) 8.1 Middle East and Africa Heat Exchangers Market, by Material (2021-2029) 8.2. Middle East and Africa Heat Exchangers Market, by Product (2021-2029) 8.3. Middle East and Africa Heat Exchangers Market, by End-Use (2021-2029) 8.4. Middle East and Africa Heat Exchangers Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Heat Exchangers Market (2021-2029) 9.1. South America Heat Exchangers Market, by Material (2021-2029) 9.2. South America Heat Exchangers Market, by Product (2021-2029) 9.3. South America Heat Exchangers Market, by End-Use (2021-2029) 9.4 South America Heat Exchangers Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Alfa Laval 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Danfoss 10.3 Kelvion Holding GmbH 10.4 Güntner Group GmbH 10.5 Xylem Inc. 10.6 API Heat Transfer 10.7 Mersen 10.8 Hisaka Works, Ltd. 10.9 Chart Industries, Inc. 10.10 Johnson Controls International 10.11 HRS Heat Exchangers 10.12 SPX FLOW, Inc. 10.13 Funke Wärmeaustauscher Apparantebau GmbH 10.14 Koch Heat Transfer Company 10.15 Southern Heat Exchanger Corporation 10.16 Denso 10.17 Valeo 10.18 Clizen 10.19 GEA Group